Diabetes Care Devices Global Market Opportunities And Strategies To 2022

NEW YORK, Feb. 27, 2019 /PRNewswire/ -- This report describes and evaluates the market for diabetes care devices globally. It covers two five-year periods, 2014 to 2018, termed the historic period and 2018 through 2022, the forecast period.

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The market for diabetes care devices reached a value of nearly $28.9 billion in 2018, having grown at 6.5% since 2014 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% to nearly $38.7 billion by 2022.
Global growth in the historic period resulted from increasing diabetes prevalence and economic growth.Factors that negatively affected growth in the historic period were lack of awareness, low healthcare access and preference for oral treatment.

Going forward, government initiatives and technological development will drive the growth. Factors that could hinder the growth of this market in future are an increasing availability of alternative treatments and government regulations.

The diabetes care devices market is segmented by type into blood glucose test strips, lancing devices, blood glucose meters, continuous glucose monitoring devices; insulin pens and insulin syringes and insulin pumps and injectors. Insulin pens, syringes, pumps and injectors accounted for the largest share of the diabetes care devices market in 2018 at 45.3%, while the continuous glucose monitoring devices market is expected to grow at the highest CAGR of 18.3% during the forecast period.

The blood glucose test strips market is sub-segmented by the type of reactive enzyme (or technology) into glucose dehydrogenase-based blood glucose test strips and glucose oxidase-based blood glucose test strips. Glucose oxidase-based blood glucose test strips accounted for the largest share of the blood glucose test strips market in 2018 at 67.1% and is also expected to grow at the highest CAGR of 6.3% during the forecast period.
The insulin pens, syringes, pumps and injectors segment is sub-segmented by type into insulin pens, syringes, pumps and injectors. Insulin pens accounted for the largest share of the insulin pens, syringes, pumps and injectors market in 2018 at 47.7% and this segment is expected to grow at the highest CAGR of 8.3% during the forecast period.

The insulin pens segment is also sub-segmented by type of use into disposable insulin pens and reusable insulin pens. Disposable insulin pens accounted for the largest share of the insulin pens market in 2018 at 61.3% and this segment is expected to grow at the highest CAGR of 8.7% during the forecast period.
The insulin pens segment is also sub-segmented by technology into smart insulin pens and regular insulin pens. Regular insulin pens accounted for the largest share of the insulin pens market in 2018 at 98.9%, while the smart insulin pens segment is expected to grow at the highest CAGR of 10.7% during the forecast period.
The diabetes care devices market as a whole is also segmented by end use into homecare/personal use, diagnostic centers and hospitals. Homecare/personal use accounted for the largest share of the diabetes care devices market in 2018 at 60.07%.

North America is the largest market for diabetes care devices companies, accounting for 46.8% of the global market. It was followed by Western Europe, Asia Pacific, and other regions. Going forward, Asia Pacific and Africa will be the fastest growing markets in the diabetes care devices market, where growth will be at a CAGR of 9.3% and 8.9% respectively. This is followed by South America and the Middle East, where the market is expected to grow at a CAGR of 8.7% and 8.6% respectively.

The market for diabetes care devices is fairly fragmented, comprising a small number of large competitors and a large number of small players.. Major players in the market are Medtronic plc, Roche Holding AG, Johnson & Johnson (J&J), Sanofi, Becton, Dickinson and Company and Abbott Laboratories.

The global medical equipment market, of which the diabetes care devices market is a segment, reached a value of nearly $423.9 billion in 2018, having grown at a CAGR of 5.3% since 2014, and is also expected to grow further at a CAGR of 5.3% to nearly $521.8 billion by 2022. The diabetes care devices segment was the seventh largest segment in the market at 6.8% of the market worth about $28.9 billion and had the third highest CAGR of 6.5% during 2014 – 2018; this segment is expected to grow at a CAGR of 7.6% during 2018 – 2022. The cardiovascular devices segment was the largest segment in the market at 15.2% of the market worth about $64.5 billion, while hospital supplies segment had the highest CAGR of 9.3% during 2014 – 2018; this segment is expected to grow at a CAGR of 7.4% during 2018 – 2022.

Read the full report: https://www.reportlinker.com/p05734181

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